Focus on social e-commerce boutique, global self-selected shopkeeper carnival launches super brand

Michael Kors, a luxury brand from the United States, is planning to launch a “war” against the “predecessor” Coach – two American brands with similar prices, the same style, and the same “light luxury”, belonging to two luxury goods groups; The rapidly expanding China’s light luxury consumer market is becoming a growth point of interest that cannot be ignored in the luxury goods financial report. “The attacker” MK rushed to the Tmall double 11 and launched more than 1,400 products to participate in the event. The homepage also hangs a poster of “as low as 20% off”; a bag with an original price of 6,200 yuan, in a series of discounts After only 1920 yuan, even lower than the “historical lowest price” of the price comparison website 2480 yuan. Coach is not to be outdone, but also hit a “low to 20% off” eye-catching ads. According to a well-known consulting firm, McKinsey, China has become the world’s fastest-growing luxury consumer market. In 2018, the consumption of luxury goods by Chinese people at home and abroad reached 770 billion yuan, accounting for one-third of the total consumption of luxury goods in the world. By 2025, the total consumption of luxury goods is expected to increase to 1.2 trillion yuan. Between 2012 and 2018, more than half of the global luxury goods market grew from China. Different from the “heavy luxury” brand that has a million yuan, the “light luxury” brand with a price of 1,000 yuan like MK and Coach occupies young consumers and a larger market. It is reported that only MK and coach brands account for nearly half of the turnover in the Tmall light luxury brand luggage market. The title of “light luxury one brother” in China represents an annual income of tens of billions or even billions of dollars for the brand, which makes the competition between the two brands more intense. In July, MK announced that Wu Lei and Song Zuer became spokespersons in Greater China. In the same month, Coach signed a high-profile model Liu Wen in China as a spokesperson. Subsequently, Coach experienced a “T-shirt incident” in August, the brand image of the Chinese market fell rapidly, and Liu Wen unilaterally announced the cancellation. MK took the victory and announced on September 11 that Tmall’s official flagship store opened grandly; 10 days later, the low-lying Coach also entered Tmall and began trial operation. A series of tit-for-tat actions are showing that competition is becoming more and more intense. According to the survey of the global brand department’s performance marketing agency forwardPMX, MichaelKors became the luxury brand with the highest online market share this year, accounting for 16.1%, and Coach ranked fourth, behind the luxury brands RalphLauren and LouisVuitton. After the Tmall double 11, perhaps this “war” will come to an end, the winner will enjoy a short-lived peace, and occupy the richest and most promising young Chinese consumers; the loser will continue to open up the land and explore the huge Online market.